Every time a big company sends money across a border, roughly 2 cents of every dollar vanishes into fees and friction. The payment crawls through intermediary banks. Nobody can say exactly wh
Every time a big company sends money across a border, roughly 2 cents of every dollar vanishes into fees and friction.
The payment crawls through intermediary banks. Nobody can say exactly where it is. It lands days later, minus the toll.
For decades, companies paid up because there was no alternative. Now there is, and a new report puts a price on what that means for banks, which is a staggering $230 billion.
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Capgemini Research Institute released the World Payments Report 2027 on Sep. 24, in which it surveyed over 1,100 large corporates with revenues greater than $1 billion. On average, these corporates say they operate in 14 markets, maintain 11 banking relationships, and conduct 34% of their B2B payment volume through cross-border transactions.
As per the report, stablecoins, tokenized deposits, and central bank digital currencies (CBDCs) are moving from experimentation to commercialization and putting pressure on banks.
All three financial instruments are based on blockchain technology which is revolutionizing the world of money.
A Wall Street street sign near the New York Stock Exchange (NYSE) in New York, US, on Monday, Dec. 8, 2025.Let's first quickly understand these innovations.
A blockchain is a decentralized digital ledger that verifies and records transactions in blocks across a network of computers.
In simple words, a blockchain is a database maintained by a group of experts, not a centralized body, that ensures there is no single point of error or manipulation and data is recorded only after a consensus is reached. It is also immutable, which means once data is recorded on the blockchain, it can't be changed or deleted.
Understanding blockchain technology
A stablecoin is a type of digital currency created on a blockchain network. As its name suggests, it tries to keep its value stable by being pegged to a so-called stable asset.
The most popular type of stablecoin is the one pegged 1:1 to the U.S. dollar. The peg ensures the value of one stablecoin remains the same as that of one dollar.
Tokenization is the process of turning real-world assets like U.S. Treasuries, real estate, art, etc., into tradable tokens created and stored on a blockchain.
Commercial banks use the technology to issue tokenized deposits, which are digital tokens representing a direct, 1:1 claim on traditional fiat currency held in an account.
A central bank digital currency (CBDC) is a digital form of a country's sovereign fiat currency.
Issued and backed directly by its central bank, a CBDC exists on a blockchain network. However, it is a completely centralized currency, unlike stablecoins.
Though the blockchain technology initially used to be a preserve of those planning to challenge Wall Street with their decentralized financial innovations, its wide popularity led to it getting embraced by traditional giants too, like large banks and asset managers.
But the latest Capgemini report warns that banks still have a lot to catch up to.
As per the report, stablecoins, tokenized deposits, and CBDCs are expected to account for around 4% of the global payments volume by 2030.
Their growth could directly challenge high-margin revenue streams such as foreign exchange spreads, correspondent banking, float income, and transaction processing fees, it stressed.
Though 60% of the banks identify payment innovation for corporate clients as a "strategic area of investment," only one in three clients are satisfied with their primary banking partner, the report revealed.
74% of corporates think cross-border payments are slow, costly, and unpredictable. 57% say they lack access to live payment status, cash positions, or transparent pricing. In fact, corporates incur total costs equivalent to 2% of transaction value for a typical cross-border B2B payment.
Such constraints in traditional banking are the main driving factors behind the growing popularity of stablecoins, tokenized deposits, which run 24/7, have built-in rules, and execute real-time settlements, and CBDCs, Capegemini argued in the report.
Corporate demand for these blockchain-based financial instruments is already growing. As per the report, nearly 60% of the clients are willing to use non-banks for stablecoin services if their banks can't offer those services. In fact, corporate clients report 36% of their B2B payment volume already flows through non-banks.
As per the report, bank executives identify tokenized deposits as the top priority, but there is little action to complement the motive.
Only 21% of leader banks are actively scaling such money instruments, and the remaining 79% are still evaluating their position. Only 56% of the leader banks say they have the talent and skills to support tokenization, smart contracts, and interoperability across financial networks.
Hölscher stressed that banks cannot remain on the sidelines, as there is $230 billion revenue at stake. A select group of banks have taken the lead and are shaping the standards and governance that will define the market, he added.
"Those that act now will build lasting trust, capture new payment flows, and retain the corporate deposits that underpin their wider banking relationships,” Hölscher concluded.
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